The response of a nematic liquid crystal to oscillating shear flow has been calculated. In both low and high frequency limits, the macroscopic response is dominated by viscous effects, under the influence of dominant boundary‐induced and hydrodynamic torques, respectively. At intermediate frequencies, distortional (Frank) elasticity lends the macroscopic response viscoelastic character, exhibiting a significant effective storage modulus. The possible influence of distortional elasticity on the oscillatory response of liquid crystal polymers is qualitatively discussed.